The Dow is off 422, which is about 100 points better than it was at one point.

But things are still bad. Europe was shredded across the board, but is now closed (details here).

What's eating the market?

There are all of the same-old European sovereign debt/bank fears, for one thing. Not helping is a growing coterie of countries demanding a pound of flesh in exchange for a bailout of Greece, an issue that had seemed like it had been resolved.

In the US, a hot CPI report and a horrible Philly Fed report made things worse.

Banks in the US continue to get smashed.

Original post: No huge surprise. Stocks are nosediving at the open.

The NASDAQ is off 3.2%.

The Dow is off nearly 300.

Of course, this has been in the cards all morning as Europe is getting creamed.